Know the Facts about DI
Thursday, December 27th, 2007 5:15 pmYou may have your reasons for not buying individual disability income (DI) insurance.
But do you know the facts?
Reason 1: I can always buy coverage later.
Fact: People usually don’t get healthier as they grow older, and coverage will cost more.
Reason 2: My family and friends will help me. Or I will use my savings.
Fact: Are your loved ones in a position to support you? Do you want them to? And, even with saving 10% of your salary, one year of disability could easily wipe out many years of savings.
Reason 3: I have disability coverage through my employer.
Fact: Group disability insurance typically covers 60% of gross income, and benefits are usually taxable. Can you afford more than a 40% pay cut?
Reason 4: It costs too much. I’ll purchase it later.
Fact: The average annual cost is typically only 1% to 3% of what you earn. Plus, the longer you wait, the more likely the premiums will be more expensive.
Reason 5: It won’t happen to me/I expect to stay healthy.
Fact: During the course of your career, you are 3 1/2 times more likely to be injured and need disability coverage than you are to die prematurely.1
Ask me how I can help you protect your income!
Your ability to work and earn an income is your most valuable asset - make sure you have the income protection you need!
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